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The Insurance C-suite needs a makeover

OVERVIEW

The insurance industry is being disrupted by new technologies and new competitors. This should be a time for innovative thinking in response to these threats, but that’s a challenge for many insurers. The talent pools, competencies and ideas in their organizations often look much the same now as they did when today’s C-level leaders entered the workforce.

Insurers recognize the importance of personalized customer experiences, yet 71 percent struggle to fully understand customers’ needs and goals. A more representative C-suite could help accelerate new customer-centric solutions.

KEY FINDINGS

Accenture Strategy believes that a path to stronger innovation and growth starts with the C-suite.

THE C-SUITE REMAINS STUBBORNLY HOMOGENEOUS

The expectations of insurance customers are changing rapidly and insurers need to adapt. But it’s hard to develop new, personalized experiences for customers when decision makers don’t identify with an increasingly broad and diverse costumer demographic.

TIME FOR CHANGE

Until recently, insurers’ risk-averse culture had served them well. But weighed down by historical processes, lack of knowledge about customers’ desires and a shortage of skills needed for future success, many insurers are slow to respond to rising customer expectations.

A CLOSER LOOK AT INNOVATION

Insurers want to innovate, but may not appreciate that getting innovation past the day-to-day bureaucracy of an organization can be an uphill battle. The C-suite is essential in fashioning a culture that fosters the “new” while preserving the best parts of the traditional.

RECOMMENDATIONS

Leading insurers are taking practical steps to infuse diverse ideas and skills throughout their organizations:

BUILD A DIVERSE LEADERSHIP TEAM

Create an executive team with diverse backgrounds and experiences and review the composition of your board, too.

LOOK THROUGH THE LENS OF CUSTOMER EXPERIENCE

Challenge current processes and structures by looking through the lens of customer experience and value creation.

MAKE INNOVATION CORE TO THE ENTERPRISE

Foster an innovative culture with events, processes and actions designed to attract and reinforce diverse thinking.

EQUIP THE WORKFORCE TO ACCELERATE PROGRESS

Empower the workforce to reskill and adapt so people can embrace innovation and not fear it.

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